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NetSuite Financial User Certification Exam
Certification Provider: NetSuite
Exam Name: NetSuite Financial User Certification
Number of questions in our database: 86
Exam Version: Apr. 26, 2024
Exam Official Topics:
- Topic 1: Subsidiaries, Classifications, Chart of Accounts Understanding subsidiaries involves recognizing their definition, types, and usage within organizational structures. Additionally, grasping the general functionality of classifications such as Departments, Classes, and Locations on transactions and reporting enhances data organization and analysis. Moreover, considering implications of setting up and restricting access to the chart of accounts ensures accurate financial management and compliance. Lastly, recognizing the impact of setting account types guides proper categorization and analysis of financial data, facilitating informed decision-making and financial reporting.
- Topic 2: Accounts Receivable Understanding the NetSuite standard Accounts Receivable process flow involves recognizing key steps, including setting up customer records, creating invoices, accepting customer payments, and managing customer deposits, credits, and refunds. Considerations when setting up customer records encompass ensuring accuracy and completeness of customer information to facilitate smooth transactions. Creating invoices involves steps such as generating and sending invoices to customers for goods or services provided. Accepting customer payments requires recording received payments against outstanding invoices. Managing customer deposits involves capturing and tracking prepayments received from customers and their corresponding impact on the general ledger. Lastly, the credit and refund process entails steps such as issuing credit memos or refunds to customers for returned goods or services not rendered.
- Topic 3: Billing Schedules Recognize the process involved in establishing and implementing billing schedules.
- Topic 4: Accounts Payable Understanding the standard Accounts Payable process flow in NetSuite encompasses recognizing key steps, including setting up Vendor records, creating purchase orders and bills, and paying vendors. Considerations when setting up Vendor records involve ensuring the accuracy and completeness of vendor information to facilitate smooth transactions. Creating purchase orders entails steps such as generating and sending orders to vendors for goods or services required. Subsequently, creating bills involves recording received goods or services from vendors and generating invoices for payment. Paying vendors requires steps such as initiating payments and recording them against outstanding bills. Ensuring adherence to these steps facilitates efficient management of accounts payable processes within NetSuite.
- Topic 5: Banking and Payment Processing Recognizing the default banking transactions in NetSuite involves understanding key steps, such as recording deposits, withdrawals, and transfers between cash and bank accounts. Setting up cash and bank accounts in NetSuite has implications for accurately tracking financial transactions, ensuring proper management of funds, and facilitating financial reporting. Reconciling monthly bank and credit card statements in NetSuite requires steps such as importing statements, matching transactions, reconciling discrepancies, and finalizing the reconciliation process. Adhering to these steps ensures accurate financial records and enables organizations to maintain financial stability and compliance within the NetSuite platform.
- Topic 6: Journal Entries Understanding the usage of journal entries is essential in financial accounting within NetSuite, allowing for the recording of various financial transactions such as accruals, adjustments, and transfers between accounts. Distinguishing between elimination and intercompany journal entries involves recognizing setup and usage disparities. Elimination entries are utilized to remove intercompany transactions and balances from consolidated financial statements, ensuring accurate reporting for the entire group. On the other hand, intercompany journal entries facilitate the recording of transactions between different entities within the same organization, allowing for seamless reconciliation and consolidation of financial data. By comprehending these differences, organizations can maintain accurate financial records and streamline their consolidation processes effectively within NetSuite.
- Topic 7: Budgeting Recognize the procedures for generating and documenting budgets within NetSuite.
- Topic 8: Expense Allocations Recognizing the steps involved in configuring and implementing expense allocations in NetSuite includes understanding the setup process and applying allocations to relevant transactions or accounts. Additionally, distinguishing between fixed and dynamic allocation modes is essential. Fixed allocations involve predefined percentages or amounts assigned to specific categories, while dynamic allocations adjust based on fluctuating factors such as transaction volume or account balances. By comprehending these distinctions, organizations can tailor their allocation methods to suit their specific needs and effectively manage expenses within NetSuite.
- Topic 9: Financial Reports and KPI Recognize distinctive features within the Financial Report Builder Interface and understand how NetSuite transactions influence financial reports.
- Topic 10: Period and YearEnd Close Identify NetSuite's recommended practices for period closure and the structure of accounting/tax periods. Recognize methods for managing multiple subsidiaries and fiscal calendars independently.
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Free NetSuite NetSuite Financial User Certification Exam Actual Questions
The questions for NetSuite Financial User Certification were last updated On Apr. 26, 2024
Question #1
What is the simplest way to post incurred bank fees while using the Reconcile Bank Statement page?
Correct Answer:
B
Question #2
Which two account types can be used to Pay Vendor Bills? (Choose two)
Correct Answer:
A, D
Question #3
How can an Expense Allocation Schedule be set up to dynamically recalculate weighting each time it is applied?
Correct Answer:
D
Question #4
Which expense allocation use case requires the use of statistical accounts
Correct Answer:
B
Question #5
Which row type in a Financial Report allows display of the same unmodified data from another row?
Correct Answer:
D
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